NASDAQ tech powering new crypto exchange

Sorry Americans, you'll have to wait

If you’re worried about trading on the next BitGrail, a new exchange may put your worries to rest. DX. Exchange, based in Tallinn, Estonia, announced that it will use NASDAQ’s sophisticated trading engine to facilitate crypto exchanges. In a statement announcing the partnership, DX said that the use of NASDAQ’s matching engine for cryptocurrencies will create “an unrivaled, P2P crypto exchange.”

The NASDAQ is the world’s oldest electronic stock market, and the second largest by market capitalization. Its proprietary trade-matching engine is used in over 70 asset markets around the world. However, this is the first time the engine will be used for cryptocurrencies. Instead of per-trade commissions, the exchange will charge a monthly fee.

DX.Exchange CEO Daniel Skowronskitold Finance Magnatesthat, by adopting NASDAQ trading software,“the advantage of this cooperation is threefold: the brand name, the technology and the regulations.”

In order to use NASDAQ’s trading engine, Skowronsky told Magnates, DX had to meet high standards for quality and regulations. The exchange has recently acquired approval from the governments of Estonia and Cyprus, and is heavily regulated by the European Union. Further, Skowronsky also emphasized that the stock exchange holds its partners to a high bar offer exchange integrity.

Adhering to these requirements would set the exchange apart from other marketplaces where wash trading, tape-painting, trading bots and other contrivances are routinely used to fabricate prices and volumes.

Although the collaboration does not signify a full-throated endorsement of cryptocurrency trading, it is another sign that Wall Street is warming up to digital assets. The NASDAQ has also provided its market surveillance technology to Gemini, the second-largest US exchange, and CEO Adena Friedman publicly entertained the possibility of adding cryptocurrencies to the exchange’s services. Secret revelations have disclosed that the owners of the New York Stock Exchange—the only exchange larger than the NASDAQ— also have plans to enter the crypto world.

“Cryptocurrencies have disrupted the Fintech revolution, and DX.Exchange stands with the basic principles of blockchain technology, trust and consistency,” Skowronski said in a statement. “The combination of NASDAQ technology and the DX.Exchange interface is one that will create a one-of-a-kind, fair trading experience, that puts the traders first.”

DX is scheduled to open for trading next month, with trading in Bitcoin, Ethereum, Litecoin and Bitcoin Cash, as well as fiat. The exchange says that a second phase will later expand trading to 20-25 coins and tokens, although it does not specify which.

However, if you’re American, don’t pull your funds out of Coinbase just yet. DX is not available for US citizens, although the company says that it is “engaged in adialogue” with federal authorities for a license.

After many adventures in China, Vietnam, Persia, Cuba and Europe, Andrew spent several years in Beijing, where he produced articles for the state media. Besides cryptocurrency, Andrew's also interested in travel writing and photography. His articles have appeared in VICE, Time Out, City Weekend, Badges, Scoot, Art Republik, CoinStaker and several other magazines and websites around the world. He now divides his time between Beijing and New York.

We are 100% independent and we never accept any form of payment from ICO marketing teams.

Many of our competitors do. And you can see it in their results (and yours).

If you appreciate us sharing our research and news, please consider donating here.

DISCLAIMER

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media LLC makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media LLC is not an investment advisor. We do not give investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, cryptocurrency, currency, tokenized sales, securities, or commodities unless otherwise indicated.

Decentral Media LLC, the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any ICO or other transaction.
You should never make an investment decision on an ICO or other investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, cryptocurrency, currency, tokenized sales, securities, or commodities.
In exchange for using this site, you agree to hold Decentral Media LLC (including its managers, members, officers, employees, consultants, partners, and affiliates) harmless against any claims for damages arising from any decision you make based on information on this website.
See full terms and conditions for more.